Implantable Cardioverter Defibrillator Market Report
Implantable Cardioverter Defibrillator Market, By Type (Transvenous Implantable Cardioverter Defibrillator (T-ICDs), Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs), Cardiac Resynchronization Therapy Defibrillator (CRT-D)), By End User (Hospitals, Ambulatory Surgical Centers), and Region - COVID-19 Impact Analysis and Forecast to 2026.
This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global implantable cardioverter defibrillator market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
Implantable Cardioverter Defibrillator Market, By Type (Transvenous Implantable Cardioverter Defibrillator (T-ICDs), Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs), Cardiac Resynchronization Therapy Defibrillator (CRT-D)), By End User (Hospitals, Ambulatory Surgical Centers), and Region -...
Impact of COVID-19 on Implantable Cardioverter Defibrillator Market
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Implantable Cardioverter Defibrillator Market is estimated to grow from USD 9.5 billion in 2020 to USD 11.7 billion by 2026 at a healthy CAGR of 3.5% during the forecast period.
An implantable cardioverter-defibrillator (ICD) is a device implantable inside the body that can perform defibrillation, cardioversion, and correct pacing of the heart. The ICD is used in treating sudden cardiac arrest caused due to ventricular fibrillation, cardiac arrhythmias, and pulseless ventricular tachycardia. The device is, therefore, capable of correcting most life-threatening cardiac arrhythmias.
Key players operating in the implantable cardioverter-defibrillator market are-
The growing prevalence of cardiovascular diseases, the rise in the geriatric population is the key driving factor for the product demand. Cardiovascular diseases (CVDs) are the prime cause of death. More than 75% of deaths occur in low and middle-income countries. The increased applications and acceptance of the Implantable Cardioverter Defibrillator (ICD) are accelerating market growth. The ICD detects and stops abnormal heartbeats (arrhythmias). The device monitors the patient’s heartbeat and delivers electrical pulses to restore a normal heart rhythm when necessary. The rising advancements in subcutaneous ICD technology will pave the way for profitable opportunities in the market economy.
Based on Type, the market has been classified into Transvenous Implantable Cardioverter Defibrillator (T-ICDs), Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs), and Cardiac Resynchronization Therapy Defibrillator (CRT-D). The Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs) segment accounted for the significant market share in 2020. A subcutaneous implantable cardioverter-defibrillator (S-ICD) is an electronic device that constantly monitors your heart rhythm. When it detects a very fast, abnormal heart rhythm, it delivers energy to the heart muscle. This causes the heart to beat in a normal rhythm again, across the globe, which further boosts the segment growth.
The market in the Asia Pacific accounted for the largest share in 2020 and is projected to continue its dominance during the review period. This is mainly attributed to growth in the geriatric populace, the large patient population, strong incidence of cardiovascular diseases, and call for increased battery life in ICD devices, improved healthcare workflow organization, further proliferate the regional growth.
The COVID-19 outbreak positively influenced the growth of the implantable cardioverter-defibrillator market. Rising cases of coronavirus across the globe put a heavy strain on the healthcare sector. Rise in heart patients and cardiovascular diseases and as they are highly prone to get infected by COVID-19, there is strong growth of heart implants during the pandemic.
Here is the list of the group of customers that the implantable cardioverter defibrillator market hopes to have the greatest opportunity to convert-
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The implantable cardioverter defibrillator market is expected to witness an impressive growth of 3.5% CAGR in the coming years.
Philips Healthcare (Netherlands), Defibtech, LLC (US), Asahi Kasei Corporation (Japan), Biotronik (Germany), LivaNova Plc (UK), Abbott (US), Microport (China), Cardiac Science (US), Stryker (US), and CU Medical System Inc (Germany) are among the key players in the implantable cardioverter defibrillator market.
The implantable cardioverter defibrillator market size is expected to reach USD 11.7 billion in the foreseeable future.
The Subcutaneous Implantable Cardioverter Defibrillator (S-ICDs) segment accounted for a significant share in the implantable cardioverter defibrillator market.
Asia-pacific is expected to remain dominant in the implantable cardioverter defibrillator market in the next five years.
Implantable Cardioverter Defibrillator distributors, Implantable Cardioverter Defibrillator suppliers, Implantable Cardioverter Defibrillator manufacturers, Hospitals, Government bodies are the target audience in the implantable cardioverter defibrillator market.